Deutsche Bank Lowers Cree (CREE) Price Target to $42.00
Cree (NASDAQ:CREE) had its price target reduced by Deutsche Bank to $42.00 in a research note released on Wednesday, The Fly reports. They currently have a hold rating on the LED producer’s stock.
A number of other analysts have also recently commented on CREE. BidaskClub cut Cree from a hold rating to a sell rating in a research report on Thursday, September 20th. TheStreet cut Cree from a b- rating to a c+ rating in a research report on Tuesday, September 11th. Canaccord Genuity began coverage on Cree in a research report on Friday, August 3rd. They set a buy rating and a $61.00 target price on the stock. Cowen set a $38.00 target price on Cree and gave the stock a hold rating in a research report on Thursday, October 11th. Finally, ValuEngine cut Cree from a buy rating to a hold rating in a research report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. Cree has an average rating of Hold and a consensus target price of $43.25.
NASDAQ CREE traded down $0.52 during trading on Wednesday, reaching $38.94. 38,775 shares of the company’s stock were exchanged, compared to its average volume of 1,461,698. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of -259.87 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.58 and a quick ratio of 2.39. Cree has a 1 year low of $29.25 and a 1 year high of $51.78.
In related news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total value of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares in the company, valued at approximately $7,293,006.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.
A number of hedge funds have recently modified their holdings of CREE. Smithfield Trust Co. acquired a new position in Cree in the 2nd quarter valued at about $119,000. Berkshire Asset Management LLC PA acquired a new position in Cree in the 2nd quarter valued at about $205,000. Zacks Investment Management acquired a new position in Cree in the 2nd quarter valued at about $210,000. Global X Management Co LLC acquired a new position in Cree in the 2nd quarter valued at about $269,000. Finally, Summit Trail Advisors LLC increased its position in Cree by 20.7% in the 1st quarter. Summit Trail Advisors LLC now owns 13,179 shares of the LED producer’s stock valued at $337,000 after acquiring an additional 2,259 shares during the period.
Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.
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